Equinor, ExxonMobil, Suncor and Chevron have all announced major job cuts as the Covid-19 pandemic reduces oil demand.

Equinor has decided to reduce its exploration staff by 30 per cent at both international locations and Norway.

Global exploration spending has been reduced and Equinor is today spending about 1/3 on exploration compared to what it did 6-7 years ago. Equinor’s exploration strategy will see a sharper focus on Norway, Brazil, US and some other well-established international markets for the oil and gas industry.

ExxonMobil said Covid-19 had “increased the urgency” of reducing its costs and said the job losses would be made by the end of 2021. In Europe the company has already announced plans to cut 1,600 jobs, more than 11 per cent of its workforce in the region.

Suncor Energy has announced plans to cut its workforce by up to 15% over the next 18 months. The company said 5% of the workers will be cut in six months and another 10% to 15% within 18 months.

Chevron Nigeria has set out plans to cut 25% of its staff in response to oil price weakness, with the number of jobs at risk thought to be around 1,000.